Market research is essential to achieving successful property investment results as well as buying a home to live in. However oftentimes it can be difficult to figure out the best place to begin.
We’re here to discuss a few easily accessible resources for the potential home buyers out there a bit confused on a direction to take.
So, let’s take a look!
Online market data
Depending on what part of the country you’re looking at buying in, there are an array of Australian property market data sources for you to browse and download online.
Three of the most commonly known and used sources are CoreLogic, Domain.com.au and realestate.com.au.
You can utilise these free data tools and other information to better understand your particular market.
Here you’ll find proposed development plans, growth hot spots, days on market data, rental yield data and gain insight to areas you may want to steer clear of.
Chat with the local community
This is a great research method if you want to get a feel for a specific suburb or even a street.
Talking with locals first hand and gathering their opinions and knowledge of the area will provide you with an accurate idea of what it would be like to live there, as well as invest there.
Things to ask may include:
- What is this area like?
- How long have you lived in the area?
- What are the best and worst things about living here?
- Is this a high-traffic/noisy area at certain times of the day/night?
Realising that there may be development happening, or plans for it in the area, can sometimes be a strong indication of forthcoming growth.
However, in some instances the infrastructure being built now may have just fallen behind a recent growth boom.
The local council is your best bet in finding out specifics regarding development and infrastructural plans for the area.
Perhaps the most diverse method of property market research is to search and compare local property listings online. There are numerous websites that will allow you to enter search specifics in order to find exactly what you’re looking for.
This is by far the most convenient price and suburb comparison tool, some websites providing in-depth market analysis data so you know what you should (and shouldn’t), be paying.
Most importantly, you’ll be able to figure out whether what you want is affordable, and adjust your criteria if need be.
Seek the advice of an expert
Gathering a professional perception into your local property market is a fantastic way in increasing your knowledge and ultimately making better-informed decisions.
A local property agent knows the specific area you want to buy in. They know the best and worst-performing areas, their histories, what’s planned for the suburb and so much more.
When it comes to buying property for whatever purpose, doing the homework is always the key to a financially successful experience.
Finding out as much as you can from as many different sources maximises your chances of securing your ideal home or investment property for the best price possible.
Speak to your local Ruralco Property office, they are experts in their region, and will have have plenty of information and advice to assist you in your decision making process.